Lawmakers scrutinise draft revised Investment Law

Deputies suggested the draft revised Investment Law provide more
concrete regulations on attracting investment, especially in agriculture
and rural areas.

At the ongoing eighth session of
the 13 th National Assembly on November 10, lawmakers spoke highly of
the draft amendments to the law, saying that they would help refine
mechanisms, policies and administrative procedures for investments, thus
creating a clear, open and transparent environment for investors.

However, deputies pointed out a number of overlaps in the list of
prohibited investment areas, adding that it also included non-business
activities such as trade arbitration.

They therefore proposed a careful review of the list and subsequent adjustments.

According to Minister of Planning and Investment Bui Quang Vinh, the
bill is a new approach to law-making, since it explicitly lists the
prohibited business activities in the law, which means that all
non-listed business activities are legal.

Regarding
investment incentives for agriculture and rural areas, some legislators
suggested specific regulations on investment incentives since they are
now stipulated in different legal documents, causing difficulties for
investors.

They disagreed with a regulation on incentives for
agricultural projects with 500 workers or more, explaining that a
300-strong workforce was already suitable.-VNA